Apple has walked out of talks to participate in OpenAI’s funding round that is expected to raise around $6.5 billion (roughly Rs. 54,464 crore), the Wall Street Journal reported on Friday.

The tech giant recently dropped out of negotiations for the round, which is set to close next week, the newspaper said, citing a person familiar with the matter.

Other companies, such as Microsoft and Nvidia, were also in talks to participate, the report said, adding that Microsoft is expected to invest around $1 billion (roughly Rs. 8,379 crore) after having already invested $13 billion (roughly Rs. 1 , 08,928 crore) to the company.

OpenAI declined to comment, while Apple did not immediately respond to a request for comment.

Last month, the Journal first reported that Apple was in talks, as part of OpenAI’s new fundraising effort that could value the maker’s ChatGPT at more than $100 billion (roughly Rs 8,37,996 crore).

The high valuation is a result of the AI ​​arms race that OpenAI started with the launch of ChatGPT in late 2022, prompting companies across industries to invest billions in the technology to stay ahead of the competition and gain market share.

© Thomson Reuters 2024

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